XAG USD update - pay attention to 19.5 - 20 as a supply

9 lip 2020

Hello traders & analysts,

Here is out latest update for Silver . We are bullish and would like to share our out look for the next opportunities which can take place.

COT data:
78,746 longs 65.6% 41,145 shorts 34.3%
46.5 24.3 for open interest

Technically what has happened?
Price was severely undervalued and silver is an important commodity to use for manufacturing sectors.
Commodity currencies rely on this as an export factor e.g. CAD, AUD, MXN, ZAR , RUB, NZD.
We had a great wedge pattern where we entered on a nice engulfing daily candle which broke to the upside.
Price has hit a nice supply zone at 18.3-18.9 zone.

The price in this area can reject and retrace which is an option we are looking for; however keep in mind the bullish structure, price has alot of upside potential.
If price rejects, we will look for a nice clean break from the zone and hedge.

Fundamentals:
Coronavirus re-opening of industries and subsequent purchase power of retailers.
Fear commodity but less attractive than Gold and platinum.
Cheap metal but gains are very high and attractive
China vs USA trade war
Australia vs China mini trade war.
Mexico has large coronavirus numbers but largest producer of silver .

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Swing trade out looks
10 years combined experience in capital markets
simple breakdowns for beginners to advanced .
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we trade purely from naked charts, less indicators - remove the noise.

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Team Lupa